According to a new report published by Allied Market Research, titled, "Location-Based Services MarketbyComponent,Technology, Application, andEndUser:Global Opportunity Analysis and Industry Forecast, 2014-2022," the global location-based services market is expected to reach $61,897 million by 2022, from $11,994 million in 2015, growing at a CAGR of 26.6% from 2016 to 2022. In 2015, mapping and navigation application dominated the global location-based services market, in terms of revenue. North America is expected to be the leading revenue contributor during the forecast period.

Location-based services use data related to location of mobile devices and offer required services to users. Increase in penetration of smartphones along with growth in use of mobile commerce, and availability of low-cost GPS-enabled smartphones are expected to drive the global location-based services market. Location-based services have wide adoption in media & entertainment, retail, transportation, healthcare, government, defense, and other industries. Rise in popularity of social networking and mobile-based advertising, evolution of Internet of Things (IOT), increase in demand for wearable devices, and growth in penetration of 3G and 4G networks are further expected to supplement the growth of location-based services industry. In addition, technological advancement and increase in application areas of these services are expected to provide numerous growth opportunities in the near future.

The components used for the implementation of location-based services include hardware, software, and services. The services segment is further categorized into consulting, managed, system integration, and other services. In 2015, hardware components accounted for around 45% of total market revenue, owing to increasing integration of GPS receivers, WLAN adapters, sensors, readers, tags, transponders, and others into mobile devices and Wi-Fi networks.

In 2015, the government & defense segment generated the maximum revenue of $2,906 million, owing to the frequent incident of cross-border disputes, advanced security features, and rise in security concerns worldwide. In addition, the media & entertainment segment was the fastest growing end-user segment in 2015, and is projected to grow at a CAGR of 29.4% during the forecast period.

In 2015, mapping & navigation application dominated the global location-based services market with $3,120 million, owing to increase in use of LBS in road and air transportation sectors for push notifications, real-time updated schedules, and tracking routes.

"Thelocation-based services market inAsia-Pacific is projected to grow atthehighestrate during the forecast period,owing to technological advancements and rise in demand forGPS-enabled smartphones in countries, including India, Japan, China, and others.Moreover, emerging economies such as South Korea, Taiwan, Malaysia, and Indiaare expected toprovide growth opportunities forlocation-based servicesproviders." states Gunjan Malani, Research Analyst, ICT & Media at Allied Market Research. North America accounted for the major share in this market in 2015, and is expected to maintain its dominance during the forecast period, owing to adoption of advanced technologies including assisted GPS and geo-fencing, and implementation of LBS in defense, aerospace, healthcare, and retail sectors.

Key findings of the study

In 2015, defense & aerospace sector accounted for the major share in the global location-based services market size, in terms of revenue, and is projected to grow at a CAGR of 24.6% during the forecast period.

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